Whiskey Market size to exceed $85bn by 2027
Published Date: June 30, 2021 Authors: Kunal Ahuja, Amit Rawat
Whiskey market size is set to surpass USD 85 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing consumer spending on blended and craft whiskeys owing to its distinctive taste profile and flavor is likely to promote the global whiskey industry forecasts over the forecast period. Moreover, increasing awareness among consumers regarding the health benefits of whiskey if consumed in moderation should further raise the product demand. Increasing number of distilleries opening up in different countries such as Scotland, UK and the U.S. is expected to further drive the market statistics over the forecast timeframe.
Innovations in maturation and blending techniques and rising consumer interest in premium high-end whiskey to raise the demand for Irish whiskey
The global Irish whiskey market is expected to reach over USD 2.8 Billion by 2027 growing at a CAGR of 6.2%. This high growth rate can be attributed to increasing efforts by manufacturers to develop improved and innovative techniques for production of Irish whiskey such as improved blending, cask finishing and maturation techniques which imparts a unique taste and flavor to the finished product. The notable lightness of Irish whiskey over other types of whiskey owing to its production process which involves distillation three times is likely to increase its acceptance rate among consumers over the forecast period. Growing consumer demand for high-end premium aged whiskey owing to its distinctive taste and mellow style is expected to raise the demand for Irish whiskey and augment industry landscape over the assessment period.
Browse key industry insights spread across 350 pages with 165 market data tables and 20 figures & charts from the report, “Whiskey Market Statistics by Product (Scotch Whiskey, American Whiskey, Canadian Whiskey, Irish Whiskey, Other Whiskey), Distribution Channel (On-Trade, Off-Trade), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing trend of socializing and weekend parties among the younger generation and gradual easing out of lockdown and other COVID-19 restrictions across the world to boost on-trade distribution of whiskey.
Global whiskey market through on-trade distribution channel was valued at over USD 32 Billion in 2020 and is expected to witness a healthy CAGR of 5.7% over the forecast period. Increasing trend of socializing and weekend parties among the younger generation is likely to raise the on-trade sales of whiskey through restaurants, bars, and pubs over the forecast period.
The gradual easing of lockdown measures and other COVID-19 restrictions in several countries across the world is likely to pave way for the gradual opening of restaurants and bars over a period of time, thus promoting on-trade sales and distribution of whiskey over the forecast timeframe. Changing consumer lifestyle, increasing disposable income of the population and consumer inclination towards instinctive drinking should boost the sales of whiskey through on-trade distribution channels.
Rising demand for premium whiskey, changing consumer taste for alcoholic beverages, and increasing number of craft distilleries to propel the North America whiskey market statistics.
North America whiskey industry was valued at over USD 13 Billion in 2020 and is expected to witness lucrative CAGR of 5.6% between 2021 and 2027. This is primarily attributed to the continuously increasing younger population and growing consumer inclination towards spending on premium alcoholic beverages. Moreover, changing consumer taste for different types of alcoholic beverages is expected to gradually shift consumption trends from Americana and Canadian whiskey to premium brand Irish whiskey over the foreseeable timeframe.
Increasing number of craft distilleries in the U.S. should further accelerate whiskey market expansion. As per the statistics released by the American Craft Spirits Association, the number of active craft distilleries in the U.S. grew to 1,835 in 2018, which indicated an increase by 15.5% over the previous year. Rapid increase in the number of active craft distilleries in the U.S. is likely to offer significant growth opportunities for the market over the assessment period.
Prominent players operating in whiskey market are investing in research and development activities in order to enhance their product offering. Besides, players are also capitalizing on expansion of their production capacity to meet the increasing consumer demands and capture a greater share in the market. Industry players operating in the market are William Grant and Sons, Beam Suntory, Diageo Plc., Pernod Ricard, Brown Forman, Bacardi, Angus Dundee Distillers Plc. Allied Blenders and Distillers Pvt. Ltd., King Car Group (Kavalan Distillery), Constellation Brands Inc., Moët Hennessy Louis Vuitton (LMVH) and La Martiniquaise.